Morning Note – 18 April 2023

Billington Holdings - FY results: step change in H2 delivers significant profit

Full-year results are in line with expectations and show a substantial improvement in profitability despite the challenges in its markets arising from the Ukraine invasion and inflation. The business has seen a strong H2, with more stable raw material pricing, good mix of customer projects and operational efficiencies from the investment in new equipment and process improvements. The significant increase in dividend to 15.5p/share reflects the Board’s confidence in FY23 and the strong level of n

Morning Note – 9 March 2023

Billington Holdings - Positive trading update – FY23 EPS upgraded by 14%

The group’s year-end update is very positive, indicating that FY22 profits, cash and dividends will be ahead of recently upgraded expectations. The higher level of profit comes from efficiencies that have improved gross and operating margins. The update also signals that based on a strong order book and encouraging pipeline of prospects it also anticipates FY23 profits will be ahead of expectations. As a result, we upgrade our FY22 EPS by 15.7% followed by 14% in FY23, with dividends upgraded by

Morning Note – 14 December 2022

Billington Holdings - Positive YE trading update – FY22 EPS upgraded by c.50%

The Group has announced a positive year-end trading update highlighting adjusted PBT is expected to be significantly ahead of expectations in both FY22 and FY23. With a recovery in activity levels through H2 and an increasing volume of work being taken on at improved margins, it also points to the benefits of efficiency gains from its capex programme across the Group, which will have a greater effect in FY23. The order book has continued to grow across a variety of sectors and at enhanced margin

Morning Note – 27 September 2022

Billington Holdings - Good H1 progress with stronger H2 and 32% EPS upgrade

The interim results provide evidence of a post pandemic recovery and normalisation of demand, resulting in improving profitability with management coping well with steel price fluctuations. With greater confidence in prospects backed by a robust order book gained at better margins the Board indicates it expects the full-year result to be ahead of expectations. As such, we upgrade our EPS forecast for FY22 by 31.5% and by 29.7% in FY23. We raise our price target from 270p to 320p, keeping our mod

Morning Note – 21 September 2022

Hybridan Small Cap Feast 31/05/22

Dish of the day Joiners: No Joiners Today. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? AssetCo plc, intends to join re-join AIM. The Company's strategy is to develop an agile asset and wealth management company that meets the needs of investors in the 21st century by acquiring, managing and operating asset and wealth management activities and interests, together with other related services. The Company is in the process of acquiring the entire issued share capital of River and

Hybridan Small Cap Feast 11/03/22

What’s cooking in the IPO kitchen? Aquis Exchange (AQX.L) the exchange services group, announced its intention to apply for admission of the Group to trading on the Apex Segment of the Aquis Stock Exchange Growth Market. Aquis' shares will continue to trade on the AIM market of the London Stock Exchange plc to satisfy certain regulatory requirements. The Group is targeting admission to the AQSE Growth Market on 29 March 2022. Private equity firm Blue Owl Capital is planning to list assets from i

Small Cap Feast

Renold plc—a leading international supplier of industrial chains and related power transmission products, announced that it will cancel the listing of the Company from the premium segment and apply for admission on AIM. Expected 06 June 2019. Alumasc Group plc, the prem ium building products, system s and solutions group, has announced its intention to m ove from the Premium Segment of the main market to AIM. Expected market cap of £33.4m. Expected 25 June 2019

N+1 Singer - Small-cap quantitative research - Value screen periodic refresh and 9 focus stocks

We have completed another refresh of the value style screen, first established as of 12 May 2015. As usual the screen selected the 25 stocks exhibiting the most extreme value characteristics from our universe, and we have chosen 9 stocks to focus on. Since the last refresh as of 8 November 2016, the day before the US presidential election result was known, the screen has performed strongly (outperforming the small-cap index by 12.9pp on a weighted basis) with our focus stocks doing even better.

Small Cap Breakfast

Saffron Energy— Schedule One. Italian Oil and Gas play . Expected admission 24 Feb. Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime. Issue closing 23 Feb. Arix Bioscience — Intention to float on the main market from the global healthcare and life science company supporting medical innovation. Raised £52m in Feb 16 with investors including Woodford

N+1 Singer - Small-cap quantitative research - Re-run of the value screen and 9 focus stocks

We have completed another periodic refresh of our value style screen, first established in our note of 26 May 2015. As usual the screen selected the 25 stocks exhibiting the most extreme value characteristics from our universe, and we have chosen 9 stocks to focus on. Since inception last year the screen has marginally outperformed the main small-cap index by 1pp and underperformed the micro-cap index by about 3pp. The EU referendum result arose in the latest period and resulted in significant s

LIBERUM: Yü Group* - Yet more upgrades

Invinity Energy Systems - New Sale Could Build Familiarity

A sale of four VS3 Invinity flow batteries shows continued positive momentum for the company. This deal goes further as we see it building familiarity for the company’s storage technology with key members of the workforce in the North American electricity industry.

Invinity Energy Systems - Further US Sale

A further sale in the USA shows that Invinity is seeing growing momentum in the country. With the Inflation Reduction Act now creating storage specific tax credits for the coming decade while the Bipartisan Infrastructure Law offers significant incremental support for long duration energy storage, we see this market as a key opportunity for the company.

Initial Equity Trading Comments - 15 May 2023

ITM Power (ITM LN) - Trading update

ITM has released a trading update, refining guidance for the full year to April 2023, and reporting progress on the company’s ongoing project to refocus its business on manufacturing delivery and scale up

SDI Group - FY 2023 trading update in line with downgrades to FY 2024

SDI has issued a trading update for the year ending 30 April. Whilst revenues are expected to be c.£69m, up 39% on FY 2022 and some £2.5m or 4% higher than our forecast, higher investment into sales & marketing pegs back adjusted PBT to around £11.8m (no change to FC £11.9m est). Product mix changes in FY 2024 (lower higher-margin Atik sales, offset by higher lower-margin new business sales), coupled with sustained investment in opex will impact our forecasts for FY 2024. We leave revenues uncha

Morning Note – 11 May 2023

Hybridan Research: Sector Review: Critical minerals for UK - mining and battery recycling: 09-05-2023

Virgin mining: Energy security and decarbonisation are driving the race in the sourcing of critical minerals from the natural world. This has contributed to the revival of exploration activities in the US, Europe and to a lesser degree the UK. For example, the global identified lithium resources increased from 40m tonnes in 2015 (the Paris Agreement year) to 97m tonnes in 2023, at a CAGR of 12%, according to the U.S. Geological Survey data. For example, there was no identified lithium resources

Morning Note – 5 June 2023

Hybridan Small Cap Feast - 06 Jun 23

6th June 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectiv

Itaconix - FY22 results shows strong revenue increase

The FY22 results posted a significant increase in revenue and decent reduction in losses. Growth was strongest in the cleaning segment, with a marked increase in demand across all geographies, but particularly from North American customers. Results were in line at the revenue level, with the adjusted EBITDA loss circa $100k lower than our $1.3m forecast for FY22. Year-end cash of $0.6m has since been boosted by the $12.7m February placing, resulting in much stronger finances. No changes to FY23

Ultimate Products+ (UPGS, House Stock at 124p) - Trading in-line & showing at Exclusively Housewares

Webinar: “The Impact of US IRA on Clean Energy Companies”

The US Inflation Reduction Act will have sweeping impacts on the energy industry and its participants. We’ve invited four companies from the Active Net Zero Universe to share how they see the industry evolving, helping investors identify the major risks and opportunities. Companies presenting are EQTEC (EQT LN), Foresight Group (FSG LN), Invinity Energy Systems (IES LN) and Velocys (VLS LN). The Active Net Zero Universe uses the same selection methodology as the Solactive Active Net Zero Global

Powerhouse Energy - Northern Ireland Site Identified

Powerhouse has today announced an agreement with Noage Energy to establish a project in Northern Ireland using Powerhouse technology to convert waste to energy. Noage have identified a potential site and work is due to commence to negotiate access and to obtain the necessary permits for construction and operations. This follows the joint venture with Hydrogen Utopia International to develop a waste to hydrogen project in the Republic of Ireland announced earlier this year and displays a growing

Velocys - Feedstock Highlights FT Benefits

A new report on feedstock pressures for HEFA derived sustainable aviation fuel (SAF) highlights the relative attractiveness of Fischer Tropsch based SAF and especially the negative emission fuel Velocys has developed. With the US SAF Grand Challenge, REFuel EU and the UK’s Jet Zero policies all pushing airlines down a SAF based decarbonisation route, we see the Velocys solution as gaining attractiveness as one that can meet the long-term needs of the industry without putting pressure on feedstoc